VET/EUR - VeChain/Euro

VeChain (VET) is a cryptocurrency and an ecosystem of solutions focused on supply chain management and logistics. Its main objective is to improve transparency and efficiency in these sectors through the use of blockchain technology. To achieve this, VeChain has created a series of technologies that allow companies to track products and verify their authenticity quickly and securely using smart contracts and blockchain throughout the process.

VeChain uses its own blockchain, called VeChainThor (VTHO). This network is specifically designed for enterprise applications and enables the creation of smart contracts, as well as integration with the Internet of Things (IoT) for better product tracking. To achieve this, VeChainThor offers low transaction costs, advanced smart contracts, EVM compatibility, and great scalability.

VeChain was co-founded by Sunny Lu, who is the CEO of the company. Sunny Lu has experience in technology and business management (he was CIO of Louis Vuitton China) and has worked at various technology companies (Bitse) before establishing VeChain. Su's vision has been key in the development of the VeChain platform.

VET is a cryptocurrency or utility token within the VeChain ecosystem. VET is used to facilitate transactions on the VeChainThor network, especially among its users, smart contracts, and the platforms operating within VeChain. For this reason, alongside VET, we also have VTHO, a token used for paying incentives and fees within the network. It is their combination that allows VeChain to operate as a cohesive ecosystem.